You may have successfully managed your business and are now eager to expand it further. A growing business will require more space to accommodate the increasing number of staff, guests, and furniture. Hence, it could be high time to relocating your small business to improve business productivity. A smooth transition will ensure your company, along its bottom line, experiences minimal disruption. Changing locations to accommodate your growing business might involve productivity loss, disruption, and chaos.
Small Business Relocation Tips
1. Analyze your workspace:
Perhaps your workspace is insufficient to accommodate a newly formed department. Reorganize your space to identify efficiencies. Plan a better layout to save significant money and space. Why spend a fortune investing in a new building, when you can reorganize your space in a small way?
2. Be proactive:
Avoid taking too long to Relocating to a new place if your employees lack adequate space to carry out day-to-day business operations. They need a quiet, comfortable place to work that allows them to be flexible and productive. If you over-wait your shifting project, you will have difficulty transitioning and changing to any new place. It also leads to expensive production mistakes, high staff turnover, and diminishing customer service quality. Think proactively about your available space. Make sure it matches perfectly with both current and future growth plans.
3. Determine whether to lease or buy:
Find out which one works in your favor, leasing or buying office space. You should make this decision before starting your search. Consider several factors. Leasing will be a better option if you own a small business with additional working capital. It is also a safe bet if your business is growing quickly and has uncertain future space requirements. However, buying in certain situations is less expensive than leasing, especially for established businesses possessing ample working capital. With a proper business relocation plan, you can never go wrong.
4. Set your budget:
Set a realistic budget to match your real estate requirements. Your budget will help narrow down your selection process. Reserve some part of your budget, whether you are buying or renting a new space. This will help cover additional expenses. Extras may include things like moving costs, renovations, and lease incidentals. The latter includes maintenance, insurance, and utilities. Your budget and business relocation plan should reflect all hidden and potential costs.
5. Negotiate effectively:
Effective negotiation helps gain favorable purchase or lease agreements. Ensure you hire top real estate advisors to provide you with the proper direction. Also, hire a reputed real estate lawyer. In the case of leases, avoid signing the document provided by the landlord. Review carefully all responsibilities and incidental costs like maintenance, insurance, property tax, and utilities. Carry out thorough due diligence if you consider a purchase. This includes evaluating building conditions and, the surrounding environment, as well as the appraisal and review of vendor documents like repair bills and past utilities. Also, request a title search. Wise decisions help enhance business productivity.
6. Research locations:
A set budget helps define relocating options. Consider accessibility for suppliers and clients, public transit and parking facilities, convenience for receiving and shipping, room to grow, zoning issues, and nearby services. Not considering staff requirements will only hamper your business prospects, overall efficiency, and productivity. Seek employees’ input and make them visit prospective sites. Their opinion can help you make a well-informed decision and improve business operations.
7. Develop inventory:
Develop additional inventory before moving. Ensure you have adequate, uninterrupted supplies to meet client and production needs.
8. Consider this a staggered move:
Maintain both spaces, new and current, at least for some time. Taking a staggered approach to moving inventory and machinery will ensure a reduced impact on workflow.
Following these small business relocating tips will ensure you can organize your existing workspace or move into a new one conveniently.
